Did you know that for 2023, the federal estate gift tax exemption has increased to $17,000 for 2023?
This means that you may gift up to $17,000 a year to as many people as you want without having to file a federal gift tax return.
And, if you are married, your spouse may also gift $17,000 a year to as many people as they want without having to worry about any gift tax reporting requirements.
And, of course, spouses may gift to each other unlimited amounts without having to report them as gifts.
For high-net-worth individuals, it is essential that you have up-to-date estate planning legal documents in place that take full advantage of current beneficial gift & estate tax laws.
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